Recent activism initiatives in Brazil (English)

In: International Journal of Disclosure and Governance   ;  15 ,  1  ;  40-50  ;  2018

How to get this document?

Download
Commercial Copyright fee: €34.95 Basic fee: €4.00 Total price: €38.95
Academic Copyright fee: €12.50 Basic fee: €2.00 Total price: €14.50

Abstract This study offers an overview of shareholder activism in Brazil through the mapping of various types and examples of activism, the construction of an activism index and an analysis relating the activism index to corporate characteristics. Investor engagement and activism may be an important driver of corporate governance improvement (Gillan and Starks in J Appl Finance 13(2):4–22, 2003; Chung and Zhang in J Financ Quant Anal 46(1):247–273, 2011). Activism is more often found in: larger companies; those with many shareholders; with inferior corporate governance practices; and controlled by the state. The study documents the increase in the average activism index during the period, with only eight companies failing to register any type of activism event. However, the items comprising the index did not develop in a homogeneous fashion, with some remaining stable, while others decline. The indicators with the highest rates of growth during the period were: minority presentation of proposals at shareholder meetings; cumulative voting requests to elect directors; and the number of news articles related to the topic. The sample contains 195 companies listed on the Brazilian stock exchange and observed in 2008, 2010 and 2012. The hand-collected data come from minutes of ordinary and extraordinary shareholder meetings, complaints filed with the securities commission and news articles published in a daily business newspaper. The article contributes to the literature on corporate governance in emerging markets and offers a rare view of thousands of shareholder assembly events in one large developing country, being of interest to practitioners and regulators in other emerging economies.

Table of contents – Volume 15, Issue 1

Show all volumes and issues

The tables of contents are generated automatically and are based on the data records of the individual contributions available in the index of the TIB portal. The display of the Tables of Contents may therefore be incomplete.

1
Friend or foe? The effect of corporate governance on intellectual capital disclosure in IPOs
Cardi, Cristiana / Mazzoli, Camilla / Severini, Sabrina | 2018
1
Latent semantic analysis of corporate social responsibility reports (with an application to Hellenic firms)
Kountouri, Ioanna / Manousakis, Eleftherios / Tsekrekos, Andrianos E. | 2018
1
Volatility of other comprehensive income and audit fees: evidence from China
Rahman, Md Jahidur / Wu, Tong | 2020
1
Corporate governance and intellectual capital reporting in a period of financial crisis: Evidence from Portugal
Rodrigues, Lúcia Lima / Tejedo-Romero, Francisca / Craig, Russell | 2016
13
Earnings management IFRS adoption in Brazilian and British companies
Klann, Roberto Carlos / Beuren, Ilse Maria | 2018
16
The process of identifying and reporting CAMs: early evidence
Daugherty, Brian E. / Dickins, Denise / Pitman, Marshall K. / Tervo, Wayne A. | 2021
20
Impact of corporate governance characteristics on intellectual capital performance of firms in India
Kamath, Bharathi | 2019
24
The relationship between audit fees and audit committee characteristics: evidence from the Athens Stock Exchange
Drogalas, George / Nerantzidis, Michail / Mitskinis, Dimitrios / Tampakoudis, Ioannis | 2020
29
Corporate governance of universities: improving transparency and accountability
Ramírez, Yolanda / Tejada, Ángel | 2018
30
Audit committee requirements in six major capital markets: How far have we come?
Pandit, Ganesh M. / Conway, Grace M. / Baker, C. Richard | 2016
37
Patterns of compliance with soft regulation in Italian listed companies
Previtali, Pietro / Cerchiello, Paola | 2019
40
Recent activism initiatives in Brazil
Vargas, Luiz Henrique F. / Bortolon, Patrícia M. / Barros, Lucas A. B. C. / Leal, Ricardo P. C. | 2018
42
Compliance with IFRS 7 by financial institutions: evidence from GCC
Yamani, Amal / Hussainey, Khaled | 2020
47
Accounting enforcement in a national context: an international study
Kleinman, Gary / Lin, Betsy Beixin / Bloch, Rebecca | 2019
51
ERM and strategic planning: a change in paradigm
Pierce, Elizabeth M. / Goldstein, James | 2018
58
The association between board characteristics and the risk-adjusted return of South African companies
Kok, Gerrit / van Schalkwyk, Cornelis H. / Du Toit, Elda | 2020
61
Corporate reporting and disclosures in the emerging capital market of Kuwait: the perceptions of users and preparers
Dawd, Issa / Burton, Bruce / Dunne, Theresa / Almujamed, Hesham | 2018
62
Audit regulation in an international setting: Testing the impact of religion, culture, market factors, and legal code on national regulatory efforts
Kleinman, Gary / Lin, Betsy Beixin | 2016
68
Director overboardedness in South Africa: evaluating the experience and busyness hypotheses
Viviers, Suzette / Mans-Kemp, Nadia | 2019
71
Does corporate governance characteristics influence firm performance in India? Empirical evidence using dynamic panel data analysis
Mishra, Aswini Kumar / Jain, Shikhar / Manogna, R. L. | 2020
73
Voluntary application of IFRS by unlisted companies: evidence from the Italian context
Fabio, Costanza | 2018
83
The impact of board characteristics on integrated reporting: case of European companies
Zouari, Ghazi / Dhifi, Kawther | 2021
83
Towards a unified framework for anti-bribery in sport governance
Philippou, Christina | 2019
87
Corporate social responsibility disclosure and corporate governance: empirical insights on neo-institutional framework from China
Shahab, Yasir / Ye, Chengang | 2018
95
Trade based money laundering: A primer for banking staff
Naheem, Mohammed Ahmad | 2017
100
The impact of IFRS 8 on segment information quality in the European Union: a multi-dimensional analysis
Aboud, Ahmed / Roberts, Clare / Hussainey, Khaled | 2019
104
Does board diversity matter in the disclosure process? An analysis of the association between diversity and the disclosure of information on risks
Bravo, Francisco | 2018
115
Earnings smoothing and CEO cash bonus compensation: the role of mandatory derivatives disclosure policy
Tessema, Abiot | 2018
116
An assessment of the relationship between channel stuffing and related party transactions: evidence from China’s listed companies
Chen, Yenpao / Chen, Chien-Hsun / Wu, Yu-Ting | 2019
118
The perception of financial analysts on risk, risk management, and internal control disclosure: Evidence from Belgium and Italy
Sarens, Gerrit / D’Onza, Giuseppe | 2016
128
Social responsibility indicators: perspective of stakeholders in Brazil and in the UK
Seibert, Rosane Maria / Macagnan, Clea Beatriz / Dixon, Robert / Souza Simon, Davi | 2019
129
The impact of ownership structure on earnings quality: the case of South Korea
Tessema, Abiot / Kim, Moo Sung / Dandu, Jagadish | 2018
139
Do IT matters matter? IT-related key audit matters in Dutch annual reports
Sneller, Lineke / Bode, Ries / Klerkx, Arnoud | 2016
142
The relationship between director tenure and director quality
Clements, Curtis E. / Jessup, Ryan K. / Neill, John D. / Wertheim, Paul | 2018
145
Information on the fight against corruption and corporate governance practices: evidence of organized hypocrisy
Nascimento Ferreira Barros, Arthur / Rodrigues, Raimundo Nonato / Panhoca, Luiz | 2019
152
The role of ethnic directors in corporate social responsibility: Does culture matter? The cultural trait theory perspectives
Louis, Osemeke / Osemeke, Nobert | 2017
161
Commentary on this special issue of Advances in Audit Analytics
Appelbaum, Deniz | 2019
162
The relationship between shareholder protection through regulation and the demand for external auditor services
Nilsson, Ola | 2018
163
Blockchain: business’ next new “It” technology—a comparison of blockchain, relational databases, and Google Sheets
McAliney, Peter J. / Ang, Ban | 2019
173
Playing with financial weapons of mass destruction: the derivatives loss of Sadia
Souza Murcia, Flávia Cruz / Murcia, Fernando Dal-Ri / Pfitscher, Elisete Dahmer | 2017
174
A new model for effective and efficient open government data
Alzamil, Zamil S. / Vasarhelyi, Miklos A. | 2019
176
Recent trends in corporate political disclosure for a sample of S&P 500 firms: a new and emerging corporate disclosure area
DeBoskey, D. G. / Luo, Yan | 2018
185
A female style in corporate social responsibility? Evidence from charitable donations
Zhang, Jidong / Han, Jing / Yin, Meiqun | 2018
188
Audit data analytics of unregulated voluntary disclosures and auditing expectations gap
Michael, Amir / Dixon, Rob | 2019
191
IFRS and Saudi accounting standards: a critical investigation
Nurunnabi, Mohammad | 2017
197
Relationship between top executive compensation and corporate governance: evidence from large Italian listed companies
Nannicini, Andrea / Ferraz, Duarte Pitta / Lopes, Ilídio Tomás | 2018
206
Evaluation of financial statements fraud detection research: a multi-disciplinary analysis
Albizri, Abdullah / Appelbaum, Deniz / Rizzotto, Nicholas | 2019
207
Disclosure of corporate risks and governance before, during and after the global financial crisis: case study in the UK construction industry in 2006–2009
Gulko, Nadezda / Hyde, Catriona / Seppala, Nina | 2017
210
Exploring the causes and consequences of director overboardedness in an emerging market
Mans-Kemp, Nadia / Viviers, Suzette / Collins, Sian | 2018
221
Risk management by US and Canadian financial firms during the financial crisis
Maingot, Michael / Quon, Tony / Zéghal, Daniel | 2018
224
Reversals of impairment charges under IAS 36: evidence from Malaysia
Shaari, Hasnah / Cao, Tongyu / Donnelly, Ray | 2017
235
More than two decades after the Cadbury Report: How far has Sweden, as role model for corporate-governance practices, come?
Achtenhagen, Leona / Inwinkl, Petra / Björktorp, Jacob / Källenius, Robert | 2018
241
Intangible assets on the balance sheet and audit fees
Visvanathan, Gnanakumar | 2017
251
The impact of Islamic Financial Services Board Standard No. 3 on corporate governance of listed firms in Kuwait
Garas, Samy / Tessema, Abiot / Tee, Kienpin | 2017
252
Discretionary environmental disclosures of corporations in Nigeria
Chijoke-Mgbame, Aruoriwo Marian / Mgbame, Chijoke Oscar | 2018
262
Publisher Correction to: Does corporate governance really matter in the public venture capital industry?
Rozen, Hannah / Bar-Hava, Keren / Fried, Zev | 2018
265
The dramatic rift and crisis between Qatar and the Gulf Cooperation Council (GCC) of June 2017
Naheem, Mohammed Ahmad | 2017
278
Independent corporate social responsibility assurance: a response to soft laws, or influenced by company size and industry sector?
Ackers, Barry | 2017
279
The game of ‘activist’ hedge funds: Cui bono?
Allaire, Yvan / Dauphin, François | 2016
299
The role of auditors in the context of Nigerian environment
Osemeke, Nobert / Osemeke, Louis | 2017
309
Board characteristics and compensation in Brazilian listed companies
Alves, Milene B / Leal, Ricardo P C | 2016
318
The effect of culture on corporate governance practices in Nigeria
Osemeke, Nobert / Osemeke, Louis | 2017
329
Ceci n'est pas une pipe! Corporate Governance practices under two political regimes in Bangladesh: A political economy perspective
Nurunnabi, Mohammad / Hossain, Monirul Alam / Al-Mosa, Saad A. | 2016
341
Jurisdictional competition for corporate charters and firm value: a reexamination of the Delaware effect
Anderson, Anne / Brown, Jill / Gupta, Parveen P. | 2017
364
Determinants of CSR disclosure quantity and quality: Evidence from non-financial listed firms in Saudi Arabia
Omair Alotaibi, Khaleed / Hussainey, Khaled | 2016
394
Does corporate governance really matter in the public venture capital industry?
Rozen, Hannah / Bar-Hava, Keren / Fried, Zev | 2016
Feedback